LCCI for ‘well-tailored’ strategy to deal with oil import bill challenge

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) on Tuesday called for a well-tailored strategy to cope with fast increasing oil import bill.

In an open letter to Prime Minister Shahbaz Sharif, LCCI President Mian Nauman Kabir suggested measures to minimize oil usage by the masses to energize the economy. He said that cut in oil/fuel usage will save foreign exchange, reduce environmental impacts and will increase energy sustainability.

“In order for future generations to meet their energy needs, fuel sources should be developed from renewable resources”, Mian Nauman Kabir said and adding these are clean and efficient.

The LCCI President said that the oil is a non-renewable resource, and we cannot sustain our current rate of use indefinitely. Mian Nauman Kabir said that the government should declare Saturday and Sunday as complete holidays. He said “Sunday should be considered a complete petrol-free day except for medical reasons” and people should go for grocery and other necessary shopping on Sunday to the nearby shops by foot or bicycle.

“Old and costly contracts in power sector should be reviewed immediately,” Mian Nauman Kabir said.

He said that till the time international oil prices come down, the usage of more than 1800cc vehicles should be discouraged for the sake of economy.

The LCCI President said that these measures should be taken without wasting a single moment otherwise no sector would be left untouched by a severe crisis.

While calling for daylight usage, Mian Nauman Kabir said that it would help bring down the skyrocketing utility cost. He added that by using daylight through installing effective skylights and panels, a business can cut its usage of traditional artificial lighting by as much as 80 percent, resulting in a substantially lower monthly utility bill. He said that according to various studies, daylight can be significantly healthier for workplace human resources.

The LCCI President said that conservation of energy and less reliance on energy produced from imported raw materials is the need of the hour. He said that Pakistan is one of those countries that are heavily dependent on hydrocarbon fuel for energy production. He said that this results in severe CO2 emissions that lead to climate change. He added that although renewable energy resources such as wind and solar are available in abundance, they have not been fully utilized and so energy crises in Pakistan increase every year.

“Energy plays an important role in shaping a country’s economy”, Mian Nauman Kabir said, adding that in identifying different sources of energy, environmental impact, fuel source, and social impact are very much under consideration.

Copyright Business Recorder, 2022